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World leaders and captains of industry gather in the Swiss Alps this week for their annual meeting of the minds, but their combined brain power is unlikely to end the euro zone's debt crisis.

The choice of German Chancellor Angela Merkel to deliver the opening address Wednesday at the 42nd annual World Economic Forum underscores the importance of finding a solution to the problems besetting one of the world's most important economic regions.

The picturesque town of Davos will be filled with A-listers this week.
Walter Bibikow/Newscom, Bloomberg News

But the gathering, in the Swiss town of Davos, isn't really a platform for immediate decision-making. Instead, it gives some of the world's most powerful political and business leaders the opportunity to chew over burning issues behind closed doors and perhaps come up with longer-term collaborative solutions, says Klaus Schwab, the founder and executive chairman of the World Economic Forum. The not-for-profit organization doesn't play a direct role in the deliberations, but instead simply offers a forum for debate.

There will be plenty of notables to do the debating. As the event's profile has grown, Davos has become a place to rub shoulders with the influential and to be seen. But some crucial players will be missing.

GERMANY HAS BEEN INSTRUMENTAL in crafting the European response to the euro zone's fiscal woes, but it is inconceivable that Merkel will propose new ideas in Davos in the absence of French President Nicolas Sarkozy, who isn't scheduled to attend. France has stood side by side with Germany throughout the crisis, so the notion of Merkel acting unilaterally would leave Parisians sputtering in their cafés au laits.

The leaders of Italy and Spain also are absent from the list of participants, further reducing the chance of fruitful discussion on euro-zone budgetary matters. European Central Bank President Mario Draghi will be there, no doubt in a confident mood after earning praise from economists for his leadership after only a couple of months on the job. His U.S. counterpart, Federal Reserve Chairman Ben Bernanke, is another notable absentee, although Treasury Secretary Timothy Geithner is due to attend. The heads of the International Monetary Fund, the World Bank, the World Trade Organization and the United Nations also will be there.

The biggest contingent of foreign visitors will be those hopping across the border from neighboring Germany, Europe's largest economy. India provides the second-largest delegation, an indication of that country's growing economic might and a sign that it wants its voice to be heard in the international arena.

Capitalism will come under scrutiny from roughly 40 world leaders and 1,600 business leaders, as well as government officials, cultural leaders and intellectuals who gather for this year's event under the theme "The Great Transformation: Shaping New Models," a nod to the adjustments required to cope with financial turmoil.

There's a lot to think about. "Capitalism, in its current form, no longer fits the world around us," contends Schwab. "We have failed to learn the lessons from the financial crisis of 2009. A global transformation is urgently needed, and it must start with reinstating a global sense of social responsibility."

The World Economic Forum in its annual risk-assessment report flagged economic threats as the biggest dangers in 2012—notably, severe income disparity and chronic fiscal imbalances. No big surprises there.

However, a year ago, with the euro-zone debt crisis simmering, the key risks the organization identified were environmental. It is easy to say that was plain wrong, but the error might be only in the timing.

Those economic issues and others will be addressed in some 250 panel discussions over five days.

Another panel on food security will feature Bill Gates, Nigerian President Goodluck Jonathan and
Unilever
(UL) Chief Executive Paul Polman. The shift toward a sustainable model for agriculture "requires us to work differently and to work better," says Polman.

Other items on the agenda range from climate change and technology to art and religion. There are also a series of one-on-one interviews, including one with South African Nobel Peace laureate Archbishop Desmond Tutu. ECB President Draghi's "Europe's Economic Outlook" may be a bigger draw, however.

Last year there was an emphasis on emerging markets that will be missing this year. That isn't to say that emerging markets are being overlooked, but the spotlight has shifted to other issues. Taking account of the political upheaval in the Middle East and North Africa over the past year, there are several panels on the political, economic and societal changes brought on by the Arab Spring. Guests include the leaders of Tunisia and Morocco and candidates for Egypt's presidential race this spring.

Former Japanese Premier Naoto Kan will reflect on the effects of the March 11 earthquake and tsunami that brought the country's economy to a grinding halt.

Among the economists contributing to the debates will be Nobel laureate Joseph Stiglitz, Robert Shiller, Nouriel Roubini and Central Bank of Israel Governor Stanley Fischer.

For the first time in years, there will be a representative at Davos from Myanmar, the country formerly known as Burma. But the rock singers and movie stars, who have made headlines at Davos in the past, appear to be staying away. A slate of bankers likely won't be jockeying for the limelight.

EMPLOYMENT ALSO WILL BE A KEY issue this year, and Schwab is keen to highlight a shortage of talent in some areas, which he calls a scarce resource. "Talent will determine competitiveness in the future," he says.

With half the world's population below the age of 27, Davos continues its focus on youth, hoping to foster discussions on leadership between young people and the regular participants at the forum.

No doubt, there will be important introductions and maybe even a bit of business. And away from the conference centers, there will be opportunities for skiers to hit the slopes, too. But those coming to Davos in search of answers to the globe's biggest current crisis may head home disappointed.